The impact of COVID-19 on real estate businesses revealed
A new survey has shed light on how real estate businesses are faring in the face of the COVID-19 pandemic. ActivePipe recently surveyed over 560 real estate professionals – including agents, principals and marketing staff — to find out how the coronavirus was impacting their business. The results show strong optimism and resilience, with 44% of real estate professionals located in Australia and New Zealand indicating that they believe the market may take a small hit but it will bounce back. Similarly, 45% of real estate professionals in the US said the same.
“Despite the US being reported as two weeks ahead of ANZ regarding the spread of the coronavirus, agents in both regions share an almost identical sentiment towards the state of their respective markets,” the ActivePipe survey noted.
In a similar vein, 59% of Australian and New Zealand real estate professionals, and 58% of US real estate professionals, said there’s a 50/50 chance they’ll grow their business during their outbreak, “depending on how it all plays out.” A further 27% of Australian and New Zealand professionals and 26% of US professionals said it’s “very likely” they’ll grow their business during the outbreak.
On the opposite end, 14% of Australian and New Zealand professionals said it’s unlikely they’ll grow as they’re “struggling to stay afloat,” with 16% of US professionals indicating the same likelihood.
“Unsurprisingly, we see that there is significant uncertainty around how businesses will perform throughout the pandemic,” ActivePipe noted. “Given we are at the beginning of a difficult period that looks like it will extend for several months, it is heartening to see that over 26% of agents from both regions are positive and continuing to grow their business.”
In terms of how COVID-19 has affected their personal outreach, 49% of Aussie and New Zealand real estate professionals said they’re making their interactions more personalised as they have more time to do so. A further 40% said they’re using more online and virtual channels to interact with people and 20% said they’re making less calls and emails “because people aren’t interested right now.”
Article reproduced with kind permission from Real Estate Business and can be found here.